Global law firm White & Case LLP has advised Zorlu Enerji on the US$815 million combined refinancing of a portfolio of existing power plants and financing of the development of the new Kızıldere III geothermal project of its subsidiary Zorlu Doğal, in the Aegean Region of Turkey.
The financing was arranged by a syndicate of Turkish banks consisting of Akbank, Garanti Bank, İş Bank and the Industrial Development Bank of Turkey.
"The scale of this financing, which was achieved on a demanding timeline, makes this one of the standout financings to complete in Turkey this year," said UAE-based White & Case partner Matthew Wood. “It was achievable due to continuing appetite in the domestic market for financing of Turkish power projects that have strong sponsors behind them."
Zorlu Enerji's Kızıldere II is the largest geothermal power plant in Turkey at 80MW. The new Kızıldere III project will generate a capacity of nearly 100MW and add to Zorlu Enerji’s existing generation portfolio, circa 49 percent of which is based on renewable energy. These new plants supplement the portfolio of existing hydro assets acquired by Zorlu Enerji in 2008, following the privatisation process in Turkey. Zorlu Enerji is a long standing client of the Firm and White & Case has advised the company on all financing aspects related to the initial acquisition and continued development of the portfolio to date.
The White & Case team was led by UAE-based partner Matthew Wood, supported by associates Adrian Lawrence and Saghar Khodabakhsh, both based in London.
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